Kazakhstan, Astana, Sept. 19 / Trend D. Mukhtarov /
Russian investments in the Kazakh economy during the years of cooperation exceeded $5 billion, Kazakh Minister of Industry and New Technologies Asset Issekeshev said at the Kazakh-Russian business forum.
Development of cooperation in the field of innovation and industrial cooperation between the regions of the Republic of Kazakhstan and the Russian Federation are taking place in Pavlodar today.
He said that Kazakhstan has invested more than $1.8 billion in Russia during this period.
The Business Forum is being held within the 1X Forum of Interregional Cooperation of Russia and Kazakhstan. The Kazakh Development Bank supported by the Kazakh Ministry of Industry and New Technologies and the Russian Bank for Development and Foreign Economic Affairs are the organisers.
He added that Kazakh-Russian trade, economic and investment relations rapidly gain momentum. "The volume of mutual trade turnover in 2011 amounted to $23.8 billion," he said.
He said that around 18 projects have been implemented with the Russian side with another 16 under implementation.
Around 11 agreements are planned to be signed between business structures of the two countries within the IX Forum of Interregional Cooperation of Kazakhstan and the Russian Federation.
Deputy Chairman of the Russian Bank for Development and Foreign Economic Affairs Alexander Ivanov said that the implementation of the strategic project of the Ekibastuz hydro power station has special importance for Kazakhstan and Russia.
"We actively cooperate with the Kazakh Development Bank," he said. "We have similar tasks on modernisation and industrialisation in the Kazakh and Russian economies."
The Kazakh Chamber of Commerce president Sabr Esimbekov said that Russia's joining the WTO will lead to increased competition among market participants and allow a more liberal and transparent trade policy. Over 450 delegates attend the business-forum.
A number of agreements to the sum of $2 billion will be signed between the business structures of the two countries within the IX Forum of Interregional Cooperation of Kazakhstan and Russia.